MARKETINVOICE funded a record £130m of invoices in the first three months of 2017, putting it on track to achieve its £2bn lending target this year.
The peer-to-peer invoice finance platform concluded its bumper quarter with a record month in March, when it funded £54.7m-worth of invoices raised by UK businesses.
The first quarter’s performance is a 160 per cent increase from the first quarter of 2016, putting the cumulative value of invoices funded at £1.2bn.
The growth has largely been driven by the launch of its new product, MarketInvoice Pro, which offers businesses an open funding line against their outstanding invoices.
MarketInvoice Pro is designed for slightly larger companies, who turn over more than £1m per year, compared to the platform’s original product that can be used by companies that are turning over as little as £100,000 per year.
Read more: Making capital work: Anil Stocker interview
“This achievement mirrors industry trends where asset-based finance is increasingly taking market share from traditional forms of working capital options,” said chief executive and co-founder Anil Stocker (pictured).
“Businesses are looking beyond their obvious ‘go-to’ options and realising they can use invoice finance in an effective and meaningful manner.
“We’ve seen a healthy take-up of MarketInvoice Pro, our first working capital solution for businesses wishing to finance all of their invoices. This gives businesses across the country the means to address priorities such as hiring more staff, launching new products and paying their suppliers.”
Last month, MarketInvoice announced that Zopa co-founder Giles Andrews would be joining the firm as chairman, to help drive scale in the business.